Kyrgoil, PDA to complete merger
Thursday, January 29 2004 - 11:57 PM WIB
Toronto Stock Exchange-listed Kyrgoil Holding Corporation and Petroleum Development Associates (Oil and Gas) Limited announced on Thursday that all conditions precedent to completing merger of the two companies have been satisfied and that the merger will be completed effective January 30, 2004.
The merged company is to be called Serica Energy Corporation.
The merger is being completed following the previously announced disposition by Kyrgoil of its principal asset, a 50% interest in an oil refinery in the Kyrgyz Republic, and the completion by PDA of a private placement raising approximately Cdn$7.7 million in gross proceeds.
Serica will continue PDA's business of oil and natural gas exploration and extraction in Indonesia, Spain and the United Kingdom, including a 10% working interest in Lematang PSC in Sumatra, Indonesia.(alex)